Construction Spending Inched Up 0.2% in March

Washington, DC, May 3, 2021-Construction spending during March 2021 was estimated at a seasonally adjusted annual rate of $1,513.1 billion, 0.2% above the revised February estimate of $1,509.9 billion, according to the U.S. Census Bureau. The March figure is 5.3% above the March 2020 estimate of $1,436.7 billion. During the first three months of this year, construction spending amounted to $328.3 billion, 4.5% above the $314.1 billion for the same period in 2020.

Spending on private construction was at a seasonally adjusted annual rate of $1,169.2 billion, 0.7% above the revised February estimate of $1,160.9 billion. Residential construction was at a seasonally adjusted annual rate of $725.2 billion in March, 1.7% above the revised February estimate of $713.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $444.0 billion in March, 0.9% below the revised February estimate of $447.8 billion.

In March, the estimated seasonally adjusted annual rate of public construction spending was $343.9 billion, 1.5% below the revised February estimate of $349.0 billion. Educational construction was at a seasonally adjusted annual rate of $85.3 billion, 2.0% below the revised February estimate of $87.1 billion. Highway construction was at a seasonally adjusted annual rate of $98.8 billion, 2.2% below the revised February estimate of $101.1 billion.